Illinois delays $1.2 billion debt sale after yield penalty soars. The offering would have marked a major test of whether struggling American governments will be able to borrow easily as tax revenue dries up during the pandemic.

The sale would have been a major test of whether struggling state governments will be able to borrow easily to cover temporary shortfalls in their budgets as tax revenue disappears. https://t.co/DtnZJL0QNB

— Crain's Chicago (@CrainsChicago) May 5, 2020